London, UK – Web Desk: Global oil prices surged sharply on Monday as heightened tensions in the Middle East following US and Israeli attacks on Iran triggered supply concerns. Brent crude rose nearly 10 percent, briefly exceeding $82 per barrel before retreating to $79.
Iran has reportedly closed the Strait of Hormuz, a critical shipping route responsible for transporting roughly 20 percent of the world’s oil and gas. The British Maritime Trade Operations center reported attacks on at least three vessels near the strait, while over 150 tankers are now anchored in the Gulf awaiting safe passage.
In response to the sudden price spike, the Organization of the Petroleum Exporting Countries (OPEC) announced an additional production increase of 206,000 barrels per day to stabilize markets. Analysts warn that a prolonged regional conflict could push crude prices past $100 per barrel.
The supply disruption and ongoing geopolitical uncertainty have fueled investor concerns, further driving volatility in energy markets.
